ATTOM, a leading curator of land, property, and housing data, today released its Q1 2024 U.S. Foreclosure Market Report, which shows a total of 95,349 U.S. properties with a foreclosure filing during the first quarter of 2024. This represents an increase of 3 percent from the previous quarter but a decrease of less than 1 percent from a year ago. The report also indicates that 32,878 U.S. properties had foreclosure filings in March 2024, a marginal decrease from the previous month and a 10 percent reduction compared to March 2023.
According to Todd Teta, CEO of ATTOM, the Q1 2024 foreclosure data suggests a transitional market with modest increases in filings and starts, offset by a significant reduction in REO properties. While foreclosures remain relatively stable, ATTOM continues to monitor these trends closely. The persistent hot housing market is attributed to homeowners maintaining substantial equity positions.
A total of 67,657 U.S. properties commenced the foreclosure process in Q1 2024, a 2 percent increase from the previous quarter and a 4 percent increase from the same period last year. Among the states with the highest number of foreclosure starts in Q1 2024 are Florida, Georgia, Texas, California, and Michigan. Major metropolitan areas with a population exceeding 200,000 and the highest number of foreclosure starts include Chicago, Detroit, Philadelphia, Atlanta, and Houston.
Nationwide, the foreclosure rate stood at one in every 1,478 housing units in Q1 2024. States with the highest foreclosure rates include Mississippi, Alabama, Louisiana, Georgia, and South Carolina. Among metropolitan statistical areas with a population of at least 200,000, Atlantic City, New Jersey, has the highest foreclosure rate, followed by Gary, Indiana; Flint, Michigan; Youngstown, Ohio; and Trenton, New Jersey. Other major metropolitan areas with a population of at least 1 million and foreclosure rates among the top 15 highest nationwide include Chicago, Detroit, Philadelphia, Cleveland, and Baltimore.
Q1 2024 witnessed an increase in REOs, with lenders repossessing 10,052 U.S. properties through foreclosure. This represents a 7 percent increase from the previous quarter but a 20 percent decrease from a year ago. The states with the highest number of REOs in Q1 2024 are Florida, California, Texas, Georgia, and Illinois.
The average time properties spent in the foreclosure process in Q1 2024 was 736 days, a slight increase from the previous quarter but a significant decrease of 20 percent from the same period last year. This indicates a continuing downward trajectory in foreclosure timelines since mid-2020. States with the longest average foreclosure timelines include Maryland, New York, New Jersey, Connecticut, and Massachusetts. Conversely, states with the shortest average foreclosure timelines include Nevada, Arizona, Utah, Wyoming, and Idaho.
ATTOM’s U.S. Foreclosure Market Report provides a comprehensive analysis of the total number of properties with foreclosure filings entered into the ATTOM Data Warehouse during the month and quarter. The report incorporates data from more than 3,000 counties nationwide, accounting for over 99 percent of the U.S. population. ATTOM’s data includes documents filed in all three phases of foreclosure: Notice of Default (NOD) and Lis Pendens (LIS), Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS), and Real Estate Owned (REO) properties that have been foreclosed on and repurchased by a bank. To ensure accuracy, a rigorous data management process involving multiple steps is employed to validate, standardize, and enhance the data and assign each property record a unique ATTOM ID.
ATTOM provides premium property data products that empower innovation, efficiency, transparency, and disruption in the data-driven economy. The company’s comprehensive data includes property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and other data for more than 155 million U.S. residential and commercial properties, covering 99 percent of the U.S. population. ATTOM’s flexible data delivery solutions include bulk file licenses, APIs, and custom solutions, enabling innovation across various industries, including mortgage, real estate, insurance, marketing, government, and many others. ATTOM’s latest offering, ATTOM Cloud, optimizes property data for AI applications, making it more accessible and ready for advanced analytics.
